NEW YORK--(BUSINESS WIRE)-- FXCM Inc. (NYS: FXCM) , a leading online provider of foreign exchange, or FX, trading and related services, today announced revenues for the quarter ended December 31, 2012 of $108.1 million, compared to $108.7 million for the quarter ended December 31, 2011, a decrease of 1%. U.S. GAAP net income was $3.0 million or $0.11 per fully diluted Class A share for the fourth quarter 2012, compared to $3.2 million or $0.21 per fully diluted Class A share for the fourth quarter 2011, a decrease of 7% and 48%, respectively. This decrease is primarily due to $1.8 million or $0.12 per fully diluted share in deferred tax benefits recognized by FXCM's Japanese subsidiary in the fourth quarter 2011 U.S. GAAP results.

Under U.S. GAAP, revenues for the year ended December 31, 2012 increased 0.4% to $417.3 million, compared to $415.6 million for the corresponding period in 2011. U.S. GAAP net income for the year ended December 31, 2012 was $9.0 million, or $0.37 cents per fully diluted Class A share versus $12.7 million or $0.77 cents per fully diluted Class A share, a decrease of 30% and 52% respectively.

Adjusted Pro Forma EBITDA for the fourth quarter 2012 was $29.8 million, compared to $26.4 million for the fourth quarter 2011, an increase of 13%. Adjusted Pro Forma Net Income was $9.7 million or $0.13 per fully exchanged, fully diluted share for the fourth quarter 2012, compared to $20.7 million or $0.28 per fully exchanged, fully diluted share for the fourth quarter 2011, a decrease of 53% and 54%, respectively. This decrease is primarily due to $8.2 million or $0.11 per fully exchanged, fully diluted share in deferred tax benefits recognized by FXCM's Japanese subsidiary in the fourth quarter 2011 adjusted Pro Forma results.

Adjusted Pro Forma EBITDA for the year ended December 31, 2012 was $112.9 million, compared to $111.9 million, for the corresponding period in 2011, an increase of 1%. Adjusted Pro Forma Net Income for the year ended December 31, 2012 was $42.6 million, or $0.58 per share on a fully exchanged, fully diluted basis, compared to $67.2 million, or $0.90 per share on a fully exchanged, fully diluted basis, for the corresponding period in 2011, a decrease of 37% and 36% respectively.

Adjusted Pro Forma results assume the conversion and exchange of all FXCM Holdings, LLC Units into FXCM Inc. Class A common stock, resulting in the elimination of the non-controlling interest and the corresponding adjustment to the entity's tax provision. In addition, Adjusted Pro Forma results eliminate certain non-recurring charges and certain equity based compensation expense granted at the time of FXCM's initial public offering in December 2010.

"FXCM turned in a solid fourth quarter even though volatility in global FX markets hit multi-year lows," said Drew Niv, Chief Executive Officer of FXCM. "Despite the subdued trading environment we saw for the entire year in 2012, we are pleased to have positioned our business so that we were still able to generate $102.1 million in after-tax cash flow from operations," Niv continued. "With over $13 trillion in currencies traded at FXCM in 2012, we have built FXCM today into one of the largest FX players in the world."

FXCM Inc. today also announced certain key operating metrics for February 2013 for its retail and institutional foreign exchange business. Monthly activities included:

February 2013 Operating Metrics

Retail Trading Metrics

Retail customer trading volume(1) of $359 billion in February 2013, 1% lower than January 2013 and 3% higher than February 2012.

Average retail customer trading volume per day of $17.9 billion in February 2013, 8% higher than January 2013 and 8% higher than February 2012.

An average of 460,761 retail client trades per day in February 2013, 6% higher than January 2013 and 16% higher than February 2012.

Tradable accounts(2) of 190,891 as of February 28, 2013, an increase of 1,784 or 1% from January 2013, and a decrease of 6,875 or 3% from February 2012.

Institutional Trading Metrics

Institutional customer trading volume(1) of $132 billion in February 2013, 14% higher than January 2013 and 4% higher than February 2012.

Average institutional trading volume per day of $6.6 billion in February 2013, 25% higher than January 2013 and 8% higher than February 2012.

An average of 17,888 institutional client trades per day in February 2013, 13% higher than January 2013 and 39% lower than February 2012.

Drew Niv, FXCM's Chief Executive Officer, commenting on February metrics said "2013 has so far been a very different year than 2012, with two of our best months of volume ever in January and February."

We achieved these results despite only a relatively modest improvement in currency volatility historically speaking," Niv added. "This is in large part a result of FXCM having grown client equity to $1.2 billion, over 4 times higher than just four years ago."

More information, including historical results for each of the above metrics, can be found on the investor relations page of the Company's corporate website, www.fxcm.com.

This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of FXCM Inc. FXCM undertakes no obligation to publicly update or review previously reported operating data. Any updates to previously reported operating data will be reflected in the historical operating data that can be found on the Investor Relations page of the Company's corporate website, www.fxcm.com.

(1)Volume that FXCM customers traded in period is translated into U.S. dollars.

(2)A Tradable Account is an account with sufficient funds to place a trade in accordance with FXCM trading policies.

Consolidated U.S. GAAP Results

Unaudited U.S. GAAP (thousands except per share amounts)

Three Months Ended December 31,

Twelve Months Ended December 31,

2012

2011

% Change

2012

2011

% Change

Total net revenues

$

108,094

$

108,685

-1

%

$

417,315

$

415,578

0.42

%

Referring broker fees

17,720

20,579

-14

%

76,585

92,832

-18

%

Compensation and benefits

24,604

26,424

-7

%

105,779

95,086

11

%

Other expenses

39,016

34,720

12

%

147,951

138,010

7

%

Depreciation, amortization and interest expense

13,077

5,852

123

%

39,536

20,053

97

%

Income before income taxes

13,677

21,110

-35

%

47,464

69,597

-32

%

Income tax provision

4,130

61

6670

%

8,986

10,816

-17

%

Net Income

9,547

21,049

-55

%

38,478

58,781

-35

%

Net income attributable to non-controlling interest in FXCM Holdings, LLC